Knoll, Inc. (KNL) Sees Strong Trading Volume on Earnings Beat

Knoll, Inc. (NYSE:KNL) shares saw unusually-high trading volume on Tuesday following a stronger than expected earnings report. Approximately 2,743,920 shares were traded during trading, an increase of 687% from the previous session’s volume of 348,672 shares.The stock last traded at $22.04 and had previously closed at $20.00.

The business services provider reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.04. Knoll had a net margin of 6.43% and a return on equity of 23.40%. The business had revenue of $291.26 million for the quarter, compared to analyst estimates of $277.40 million. During the same quarter last year, the firm earned $0.44 EPS. Knoll’s quarterly revenue was down .3% compared to the same quarter last year.

The business also recently declared a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Friday, September 15th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.72%. The ex-dividend date of this dividend was Thursday, September 14th. Knoll’s payout ratio is currently 41.38%.

A number of research analysts have weighed in on the stock. Zacks Investment Research raised shares of Knoll from a “strong sell” rating to a “hold” rating in a research note on Monday, October 2nd. TheStreet lowered shares of Knoll from a “b-” rating to a “c+” rating in a research note on Thursday, September 7th. Raymond James Financial, Inc. raised shares of Knoll from a “market perform” rating to an “outperform” rating and set a $20.00 price target on the stock in a research note on Monday, August 28th. UBS AG raised shares of Knoll from a “market perform” rating to an “outperform” rating in a research note on Monday, August 28th. Finally, Sidoti assumed coverage on shares of Knoll in a research note on Wednesday, August 16th. They issued a “buy” rating and a $28.00 price target on the stock. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $25.00.

In other Knoll news, Director Benjamin A. Pardo sold 2,200 shares of Knoll stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $19.45, for a total value of $42,790.00. Following the transaction, the director now owns 23,773 shares of the company’s stock, valued at $462,384.85. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.90% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the business. Federated Investors Inc. PA lifted its stake in Knoll by 71.7% in the second quarter. Federated Investors Inc. PA now owns 111,974 shares of the business services provider’s stock valued at $2,245,000 after buying an additional 46,749 shares in the last quarter. Macquarie Group Ltd. lifted its stake in Knoll by 8.9% in the first quarter. Macquarie Group Ltd. now owns 1,343,071 shares of the business services provider’s stock valued at $31,979,000 after buying an additional 109,211 shares in the last quarter. Legato Capital Management LLC bought a new position in Knoll in the second quarter valued at approximately $391,000. Schwab Charles Investment Management Inc. lifted its stake in Knoll by 5.0% in the second quarter. Schwab Charles Investment Management Inc. now owns 284,187 shares of the business services provider’s stock valued at $5,698,000 after buying an additional 13,545 shares in the last quarter. Finally, Tudor Investment Corp ET AL lifted its stake in Knoll by 18.3% in the first quarter. Tudor Investment Corp ET AL now owns 13,600 shares of the business services provider’s stock valued at $324,000 after buying an additional 2,100 shares in the last quarter. 90.68% of the stock is currently owned by hedge funds and other institutional investors.

The firm’s 50-day moving average price is $19.27 and its 200 day moving average price is $20.44. The company has a market cap of $1.07 billion, a PE ratio of 15.21 and a beta of 1.02.

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About Knoll

Knoll, Inc is a manufacturer of commercial and residential furniture, accessories and coverings. The Company operates through three segments: Office, Studio and Coverings. The Office segment includes a range of workplace products that address workplace planning paradigms. These products include systems furniture, seating, storage, tables, desks and KnollExtra accessories, as well as the international sales of its North American Office products.

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